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The Indian equities market was battered by weak global market and budget blues this week. The hike in short term capital gains tax in the 2008-09 budget did not go well with the capital market at all. The 30-share sensitive index of the Bombay Stock Exchange, the Sensex, fell in three out of four trading sessions in the week. The market was closed Thursday on account of Shivratri. Sensex crashed by another 566.56 points or 3.4 per cent on Friday, bringing it below the 16,000 mark to close at 15,975.52, lowest since September 18, 2007. The Nifty index also dropped 149.80, or 3 per cent, to 4,771.60.After Friday’s fall, the Bombay Stock Exchange’s index slumped 9.1 per cent this week, its steepest weekly decline in 21 months since May 2006, with 27 out of 30 stocks falling. All 13 industry indexes on the exchange dropped by between 1.1 per cent and 6.6 per cent and eight stocks fell for each that rose.The SBI’s assets fell to its lowest in more than four months after finance minister P Chidambaram said lenders should consider cutting rates on home loans. ICICI Bank registered its biggest losses in 10 months the banking index recorded its biggest weekly fall since May ’04.

Foreign institutional investors (FIIs) were net buyers of shares worth Rs.17.33 billion in February. But overall in 2008, by March 4 they were net sellers worth Rs.127.03 billion. Mutual funds bought shares worth Rs.5.14 billion in February.The selling pressure last week was unabated and right across sectors, mirroring the weakness in the global stock markets. The Sensex tumbled 900.84 points or 5.12 percent to 16,677.88 Monday, March 3 2008, registering its second biggest single day loss. It was also the Sensex's second biggest single day fall in percentage terms, with 26 out of 30 stocks that form the Sensex pack ending in the red.

Standard Chartered Plc, the London- based bank that gets most of its profit in Asia, agreed to sell its Indian fund-management unit to Infrastructure Development Finance Company(IDFC) for $205 million.Based in Mumbai and best-known as Infrastructure Development Finance Company(IDFC), the buyer finances roads, ports and utilities in India. It will pay cash for the unit and plans to complete the purchase in the second quarter pending regulatory approval, Standard Chartered said in statement on march 7,2008."Standard Chartered will remain a distributor of asset- management products in India" Asia head Jaspal Bindra said in the statement."India is a key market"IDFC's acquisition marks its first move into large-scale wealth management. IDFC will compete with Reliance Capital Asset Management Ltd., the biggest fund manager in India, and overseas managers including Franklin Resources Inc. and Fidelity International Ltd.

Tata Teleservices Maharashtra Limited(TTML) plans to divest 49% of its tower arm Wireless Tata Telecom Infrastructure within the next two months, reports Business Line.The company has short listed 15 bidders which includes tower company GTL. Tata Teleservices has over 10,000 towers, while Tata Teleservices (Maharashtra) has 3,500 towers. The deal is expected to be of around US$ 6 billion.Recently Tata Teleservices received license to provide GSM services in nineteen circles from the Department of Telecommunications (DoT) under the crossover technology policy.Tata Teleservices becomes the second company after Reliance Communications to get permission for operating GSM services under the crossover technology policy.Shares of Tata Teleservices (Maharashtra) declined Rs 2.8, or 8.26%, to settle at Rs 31.1. The total volume of shares traded was 8,800,630 at the BSE. (Friday, mar 7,2008)

The board members at the Extra ordinary General Meeting (EGM) of TVS Finance & Services on Mar7,2008,they have decided to voluntarily delist the company`s equity shares from Bombay Stock Exchange (BSE) and Madras Stock Exchange (MSE).TVS Finance & Services was established in 1998 and is a part of TVS group company. TVS-FS`s core business includes both corporate and retail finance.The products offered to the corporate sector include leasing and hire purchase of equipment and discounting of bills. Retail financing is focused on financing products comprising TVS Suzuki two wheelers, consumer durables and other IT products.Shares of the company declined Rs 1.05, or 4.37%, to settle at Rs 23. The total volume of shares traded was 14,040 at the BSE. (Friday)

some of the major US clients are postponing IT projects to the next quarter. This was revealed by the management of Tata Consultancy Services (TCS) today.The company’s Chief Operating Officer N Chandrasekaran said this was expected. "Clients are delaying their projects this quarter. It is not cancelled but it is not happening this quarter as was expected," he maintained. The statement is a clear hint from India's largest IT company that the sector will have to live with sluggish growth, at least for the near term.TCS earns about 30 per cent of its topline from top 10 clients as of last quarter. And the impact of delayed projects will pull down any incremental growth in that percentage going forward. The company has launched a strategic business unit to tap small and medium enterprises between Rs 100-500 crore in size at home. It is also targeting over Rs 2,000 crore in revenue from domestic market alone before it replicates the model elsewhere.

Reliance Energy on Mar5th said it would spend up to $500 million to repurchase or buyback shares.

The Mumbai-based company is offering 1,600 rupees ($39.81) a share, a 9.6% premium to its closing price Wednesday on the Bombay Stock Exchange(BSE). The buyback is to “reduce short-term volatility in the company's share price and deter speculative activity,” the company said in a press release.

Reliance Energy was one of the best performing stocks on the Bombay Stock Exchange(BSE) last year, quadrupling in value on the promise of increased government spending on power generation. But it has fallen 32% this year because of huge sell-off in equities across Asia.On Wednesday, Reliance Energy fell 3% to 1,459.45 rupees ($36.31).

The buyback is expected to restore some stock market luster to companies of the Anil Dhirubhai Ambani Group(ADAG).

Last month, Reliance Power shares went down upto 17% on their first day of trading, despite the tremendous anticipation for the $3 billion IPO, India’s largest ever.

Another Ambani company, Reliance Communications, has filed with the stock market regulator to sell shares amounting to 10% of the tower business Reliance Infratel. The sale is expected to raise $1 billion to $1.5 billion. It is also considering listing its newly formed Reliance Globalcom unit.

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According to budget Auto,Pharma,Health care,oil sectors are looking good even in this volatile market.so one can concentrate on this sector stocks in near term view.similarly cement companies association announced that they are going to increase Rs 1 to 4 per pack.After this news came there was some bounce back happened so one can look in to this sector as medium term or long term view. Software companies such as Infosys,TCS,HCL,Sathyam, went down near to its life time low rates.and some bounce back came on particular IT stocks such as HCL Tech,Sathyam etc.. bank stocks was continuously in downside movement because of no clear picture about the waiver of Rs 60,000 cr to the farmers.

As, I told earlier the market is looking negative.see my older posts.negative movement will continue.indian stock market is in negative mood because of the global cues, i.e global markets such as US,singapore,nikkei,hangsung were down.In china they are going to take some policy decisions this is what the reason for fall in hongkong stock market these global cues adversly affecting indian stock market also.Every year some correction is happening in indian stock market after filing the budget. sensex will go upto 16000 range in near term .nifty will go upto 4750 range.so becareful in this indian stock market.

ICICI,India's largest private sector bank which opened a branch Thursday in Frankfurt, Germany, now has presence in 19 countries, including three wholly owned subsidiaries in Britain, Russia and Canada.It also has an offshore banking unit in Singapore, an advisory branch in Dubai, branches in Bahrain, SriLanka, Hong Kong, Belgium, Qatar, Germany and representative offices in China, UAE, Bangladesh, South Africa, Indonesia, Thailand and Malaysia.ICICI Bank, has opened its first branch in New York,this is ICICI's first US branch. It will manage salary accounts of US employees of large Indian companies like Infosys, Tata Consultancy Services(TCS) and wipro. ICICI bank listed in New York Stock Exchange(NYSE) on Friday.Under the licence granted by regulators here, the bank will initially provide services to corporate customers, but will get into general retail banking after three months only .KVKamath, managing director and chief executive officer, and SonjoyChatterjee, executive director of the bank, announced Friday that the US branch will start operating from Monday"New York has the deepest pool of capital, and by operating here, we will grow our business," Kamath said.Mumbai-based ICICI Bank has consolidated total assets of about $115 billion (Rs.4,589.5 billion) as of Dec 31, 2007.With over 950 branches in India, it is the country's second largest bank after State Bank of India (SBI). SBI already has branches in New York, Chicago and through its subsidiary in California, set up in 1982, six branches in the state including one in Los Angeles.

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US car-maker Ford is likely to settle down the transaction with the India-based motor company Tata for the sale of the luxury brands, Jaguar and Land Rover, by the coming week(march 1st week).Both the companies are expected to enter a deal valued around USD 2 billion next Wednesday or shortly afterwards.The unions of both the companies also welcomed the deal believing that there is no immediate threat to the British jobs or manufacturing.The official statement is being timed for after the Geneva Motor Show, so that the two companies can try to encourage their products at the key European auto showcase.Ford nominated Tata as the favored bidder for Jaguar and Land Rover on January 3.

The Department Of Telecom(DOT) Feb 27th issued Unified Access Services Licence (UASL) to three companies – Datacom Solutions, Idea Cellular and Swan Telecom – for telecom services in the country.The licence allows companies to offer mobile, basic, Internet and other telecom services.Datacom has received licence for 19 circles (out of 21),Swan Telecom for Delhi&Mumbai (out of 13) and Idea Cellular for the Punjab circle (out of 9).

DoT has prepared a chart for signing of licence agreements based on the “first come, first served” basis, following when these companies submitted the cash and bank guarantee after receiving the Letter of Intent's.

Eight new operators, including Spice, BPL group, Shyam Telelink, S Tel among others, received the LoIs earlier. The issuing of licence will continue till March 5. On February 28, Idea Cellular got licence for eight circles, Datacom for two and Unitech for 12 circles. on 29th the government issued 22 more telecom licenses to new players for the third straight day on Friday, taking the tally to 66 so far.Unitech has received license for 10 more circles in addition to 12 it got on Feb 28th making them the pan-India telecom player.

Spice Communications has also been given licenses for three circles in Andhra Pradesh, Maharashtra and Haryana. Spice would also get license for Delhi on Monday, they said, adding that the government will be issuing 120 new licenses among nine firms who were given Letters of Intent on January 10.